"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."

The constant economic disruptions and prolonged recession has led many previously disinterested citizens to ask the question: What causes these cyclical economic booms and busts, and is the cycle avoidable?

Why do industrialized nations seem to experience periods of elevated prosperity followed by recession? Is there any characteristic in the market process itself that makes periodic economic recessions unavoidable? Is this a failure of the free market? Is QE3 the answer?

QE3 and the current economic ciris examined under the lense of Austrian Business Cycle Theory.

Once in office, President Obama continued most of the practices of his predecessor and, with the full assistance of the Republican-controlled House of Representatives and the majority-Democratic Senate, continues to accelerate the destruction of our remaining civil liberties.Read More...

If we worked along these three lines—combating violence, not drug trafficking; building a national police and pulling the army back; and fighting for legalization, even if we cannot do it overnight with all drugs—we will have the beginning of an alternative policy that can work.Read More...

History gives us reason to believe that the current lagging recovery is simply the result of bad policy. The singular focus on GDP diverts our attention from the real problem, which is not the size of the economy but how well the pieces of the economic jigsaw puzzle fit together.Read More...

Liberty Out Loud Podcast

The Gold Standard Explained

This week, Jason answers a listener's questions about the gold standard and talks about the prospects for sound money. He also explains how the Federal Reserve creates money under the current system. (Listen Here)

Bleeding Heart Libertarians is a blog about free markets and social justice. All of the professors who blog at this site are, broadly speaking, libertarians. In particular, they are libertarians who believe that addressing the needs of the economically vulnerable by remedying injustice, engaging in benevolence, fostering mutual aid, and encouraging the flourishing of free markets is both practically and morally important.

The Road to Serfdom – F.A. Hayek (1944) – Hayek, winner of the Nobel Prize in Economics (1974), outlines the unbreakable link between economic and political freedom (as well as economic and political serfdom). This book is a classic in the history of liberal ideals. According to Hayek, “Capitalism is the only system of economics compatible with human dignity, prosperity, and liberty. To the extent we move away from that system, we empower the worst people in society to manage what they do not understand.”(Read More)

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